BANKRUPT FARMER

Southland Times, Issue 21099, 3 June 1930, Page 9

BANKRUPT FARMER

MEETING OF CREDITORS. A meeting of creditors in the bankrupt estate of John Alfred Keen, of Wairio, farmer, was held yesterday afternoon, the Official Assignee (Mr 11. Morgan) presiding. Bankrupt was represented by Mr P. Gilfedder, but there was not a sufficient number of creditors present to form a quorum.

Bankrupt's schedule showed that £lB5 18/- was owing to unsecured creditors and £lOO to a secured creditor. The estimated value of the security was £250. The assets consisted of book debts amounting to £3O 16/-, and estimated to produce £3O 16/-. The surplus from securities in the hands of secured creditors was £l5O, making the total assets £lBO 16/-. The deficiency was thus £5 2/-. The only secured creditor was Mr James Collie, of Wairio. The amount of debt was £lOO and the estimated value of the security was £250. The following were the principal unsecured creditors, the amounts being given in parentheses: Matheson and Co, Invercargill (£10) ; Broad, Small and Co, Invercargill (£10); F. A. Cole. Invercargill (£10) ; Cam. i Wilson, Nightcaps (£10) ; James Collie, Wairio (£76); Wright, Stephenson and Co, Invercargill (£18) ; H. L. Chandler, Otautau (£l3) ; Ben Bielowski (£l5). In his sworn statement bankrupt said: “I am a married man residing on a farm owned by Mr James Collie, of Wairio. I have a wife and eight children, the eldest being 20 and the youngest five years of age. In November 1928, I borrowed £lOO from Messrs Haggitt and Watson and gave a security over all my horses, implements and cattle to George Francis Watson. The loan was to expire in November, 1930. I kept the payments of the interest on this loan right up to date. Unknown to me the security had been transferred from Mr Watson to Mr James Collie, who is my landlord. On the date for payment of interest on the security Mr Collie took possession under private distress of all my stock and implements. Payment of £3 10/- owing for interest was offered to Messrs Watson and Haggitt, who refused to accept same. At the same time Mr Collie also distrained for rent owing by me. Mr Collie then advertised my stock and implements for sale and required me to pay him £214 9/-. I had a man prepared to pay off the security for me, but still a demand was made of more than double the amount owing on the security. I do not consider that I owe the whole of the amount of £214 9/- to Mr Collie. Had Mr Collie accepted the usual pavment of interest on the security and left the principal amount until the period of the loan had expired in November next, I could have arranged to pay him the arrears of rent in the meantime and the principal sum when due. I have always been on friendly terms with Mr Collie and it is with a view to ascertaining the true nature of his present dealings with me that I have decided to file my petition in bankruptcy.” Examined by the Assignee, bankrupt said that he had been a farmer practically

all his life. He was not farming Collie's property. He was just a tenant in me house? He was paying for grazing for his cattle jon the property however. In the past two years he had been road contracting for the Wallace County Council. Prior to inat he was working for his brother. Owing to the Public Trustee selling his brother out he did not receive all his wages. The debts he had owed then he had paid during the past two years. With the £lOO he had raised from Watson and Haggitt he had paid debts. The debts of his bankruptcy i had been incurred during the past two years. At present he considered that his indebtedness to Collie for rent was £B4. Inculding the grazing of the cows he paid Collie £BO a year for- rent. Collie took possession of the stock on May 20. Collie advertised the stock and chattels for sale and the sale was held on Thursday, May 29. He had lost everything and had nothing now. His wife owned the furniture. He could make no offer to his creditors. To Mr Gilfedder: He had sold a dray just before Christmas for £25. It was not on the bill of sale and was not on the property at the time of the sale. Nevertheless it had been sold by Collie. To the Assignee bankrupt said he had a job to go to. The Assignee said he was sorry that there was not a quorum present. He had heard of the proposed sale, and it seemed to him that Collie had no right to any surplus from the sale after he had satisfied his security. The surplus should be handed over to him (the Assignee) for the benefit of all the creditors. He adjourned the meeting sine die.